Back to School Business Tips
Labor Day has come and gone, and your patrons are preparing for fall. Some of them are buying school supplies, and others are buckling down to work harder after the season of fun in the sun. As their schedules change, how can you continue to capture their business? These strategies will keep your cash flowing throughout the colder months.
1. Yours, Mine, and Hours
Don’t be afraid to change your staffing practices in different seasons. An ice cream shop, for example, will likely do more late-night business in June than in December. A store selling handmade sweaters, on the other hand, may see more weekend shoppers in the fall. Whatever product or service your business offers, it’s important to be aware of how spending habits change throughout the year. You may lose money by paying employees to work shifts with less foot traffic. By tracking your purchases and overhead, you can make smarter decisions about scheduling.
2. Reading, Writing and ‘Rithmetic
These subjects are essential for 5th graders, and they only get more important over time. The colder months are an excellent opportunity for business development. Read up on what your competitors are doing to connect with new clients, write or revise a marketing plan, and calculate what it will cost to implement. By studying the ins and outs of your industry, you’re better positioned to make your mark on the world.
3. Hit the Books
In the 4th quarter of 2019, there’s no better time to get your budget in order. Review any essential tax documents you’ll need to file next year, and start thinking about changes you might want to make in 2020. Did you make a profit on every item this year, or are there some you plan to discontinue? Is your accounting software up to snuff, or is it time to invest in something new? Planning ahead will make it far easier to take action once the new year rolls around.
If summer is a time to celebrate, then fall is a time to contemplate. If you have the right tools, this month is an excellent opportunity to focus on your long-term business plans. Connect with customers who are looking to change their habits in the new season, and look ahead to build long-term relationships with everyone who comes through your door.